Real-Time Economy

The Real-Time Economy project is set up by the Ministry of Economic Affairs and Employment of Finland. The goal of the project is to create the conditions for a digital economy.

The project will run from 2021 to 2024. The work done in the project will build a foundation for developing the digital economy further.

The Finnish Patent and Registration Office (PRH) is implementing the project in collaboration with the Finnish Tax Administration and the State Treasury. The other authorities participating in the project are the Digital and Population Data Services Agency and Statistics Finland. In addition, a large number of private organisations are involved in the project.

The Real-Time Economy project is a part of Finland's Sustainable Growth Programme. The budget of the project is covered from the EU Recovery and Resilience Facility from the beginning of 2021.

What is digital economy?

The digital economy is a system where all business transactions are based on digital, structured (machine-readable) information and processing.

In a digital economy, all services are online and able to talk to each other. Key business data moves entirely electronically and in real time – even to the authorities. When companies’ business data is processed automatically, they save time and money. Companies can also control their own data and use it more effectively their businesses.

The vision of the project is to create a national digital ecosystem for businesses that is compatible with the other Nordic countries. The system will enable online invoices, e-receipts and business data to flow automatically, securely and in real time between parties.

The project coordinates the Nordic Smart Government and Business work in Finland

The RTE project is also coordinating the implementation of the Nordic Smart Government and Business (NSG&B) project in Finland and representing Finland in the NSG&B collaboration.

NSG&B is a project run by the Nordic trade registers to enhance the automation and use of financial data between businesses and from businesses to the authorities. Read more about the NSG&B project.

News about the project

Overview of project's first half-year and upcoming quarter, presentations available on project's website

Overview of project's first halfyear, its achievements and succesful PoCs, as well as planned activities for the second quarter 2022 were presented 2 March. Take a look at presentations and recordings (in Finnish) on project's website.

Ulkoinen sivusto, avautuu uuteen välilehteen

Director selected for the Real-Time Economy project (11 August 2021)

Minna Rintala was selected as the Project Director for the Real-Time Economy project coordinated by the Finnish Patent and Registration Office (PRH). Read more in our announcement on 11 August 2021.

Finland aims to become a pioneer in the digital economy by 2030: the Real-Time Economy project promotes digitalisation (15 June 2021)

The Ministry of Economic Affairs and Employment of Finland (MEAE) has set up the Real-Time Economy project, which will run from 2021 to 2024. Read more in our announcement on 15 June 2021.

The real-time economy briefing room (8 June 2021)

The objectives of the RTE project are presented in the real-time economy briefing room webinar on 8 June 2021. Watch the recorded webinar (in Finnish) on Finnish Tax Administration's YouTube channel.